Live
- GMR Airports Unveils AI-Powered Digital Twin Platform to Transform Airport Operations
- India poised to become leading maritime player: PM Modi
- Top Causes of Kidney Stones and How to Recognize Silent Symptoms
- India’s renewable energy capacity logs 14.2 pc growth at 213.7 GW
- Winter Session of Odisha Assembly adjourned sine die
- Biden calls Trump's tariff approach 'major mistake'
- After Drama Over Eknath Shinde’s Chief Minister Race, Maharashtra Cabinet Formation Faces New Tensions
- Egyptian FM, Blinken discuss recent developments in Syria
- Iran's supreme leader says Syria's developments result of US-Israeli 'plot'
- Elon Musk to Purchase $100 Million Luxury Mansion Next to Donald Trump's Mar-a-Lago, Report Reveals
ED attaches 20 cr of Hyderabad firm
Enforcement Directorate on Monday attached assets worth Rs 20 crore of a Hyderabad-based firm in connection with its money laundering probe against it in a case of alleged bank fraud to the tune of over Rs 126 crore.
New Delhi: Enforcement Directorate on Monday attached assets worth Rs 20 crore of a Hyderabad-based firm in connection with its money laundering probe against it in a case of alleged bank fraud to the tune of over Rs 126 crore.
The agency took over the case from CBI and investigated it under the Prevention of Money Laundering Act (PMLA) and a total of 21 movable and immovable assets of the firm identified as Ms Sheetal Refineries Limited and its directors had been attached.
The agency, in a statement, said the firm caused “loss to the State Bank of Hyderabad (SBH) by way of furnishing forged and fabricated balance sheets, invoices among others.” “The total value of attached assets is RS 9.53 crore having a market value of Rs 20 crore approximately,” it said.
Enforcement Directorate (ED) said its probe “revealed that the firm availed various credit facilities from SBH, Hyderabad, by submitting fudged and fabricated financial statements and bogus invoices. They (firm) submitted bogus invoices to bank as if goods were purchased against Letters of Credit in the name of suppliers and later such funds received back by them through other accounts.
“In this process, they also floated one proprietary firm in the name of an employee for diversion of funds. Further, certain portion of such diverted funds were used for personal use for purchase of immovable properties among others,” the agency said.
Investigation also revealed, it said, that the firm had a total outstanding amount payable to SBH of about Rs 126.74 crore as against the value of the properties taken over possession by banks under SARFAESI Act of Rs 87.63 crore (market value) and thereby causing “huge loss” to SBH.
